Year-end income tax “planning” is often the best method for taxpayers to reduce the tax burden to which they are exposed. Our research has uncovered the following tax planning opportunities which I recommend you review for applicability to your situation:

• Delay income and accelerate expenses if your income tax rate is higher this year than future years.
• Accelerate income and delay expenses if your income tax rate is lower this year than future years.
• Sell securities which have losses if your income tax bracket is higher than 15%.
• “Bunch” your deductions into one year to be able to itemize.
• Convert IRA’s to Roth IRA’s if your income tax rate is low this year.
• Maximize charitable contribution deduction.
• Discuss unusual transactions or events with your tax advisor.

NOTE: the recommendations above are general in nature and cannot be relied upon for individual situations. Income tax rules are tricky. Small deviations in your situations from those discussed above could change the recommendation; and, for that reason you should discuss your situation with your tax advisor before acting.